International Speedway Corporation (Nasdaq: ISCA)(OTC Bulletin Board: ISCB)
("ISC") has announced it has entered into a purchase agreement with
Indianapolis Motor Speedway Corporation to indirectly acquire an additional 37.5
percent interest in Raceway Associates, LLC ("Raceway Associates"), owner and
operator of Chicagoland Speedway and Route 66 Raceway in Joliet, Illinois. The
purchase price for the transaction is approximately $69 million in cash.
After the transaction closes, ISC will own 100 percent of Motorsports
Alliance, LLC ("Motorsports Alliance"), which owns 75 percent of Raceway
Associates. Raceway Associates was formed in 1999 as a joint venture between
Motorsports Alliance and the former owners of Route 66 Raceway. Raceway
Associates subsequently developed Chicagoland Speedway, a 75,000 seat facility
hosting premier motorsports events from the NASCAR NEXTEL Cup, NASCAR Busch, IRL
IndyCar and ARCA RE/MAX series.